9th March, 2018

Daily Market Rates

India A.M. (09-03-18)

999 Gold - Rs. 30,460/-
995 Gold - Rs. 30,310/-
916 Gold - Rs. 27,901/-
750 Gold - Rs. 22,845/-
585 Gold - Rs. 17,819/-
999 Silver - Rs. 38,305/-

 

 

 

 



India P.M. (08-03-18)

999 Gold - Rs. 30,635/-
995 Gold - Rs. 30,485/-
916 Gold - Rs. 28,062/-
750 Gold - Rs. 22,976/-
585 Gold - Rs. 17,922/-
999 Silver - Rs. 38,360/-

Friday, March 9

China is to release data on consumer and producer price inflation.
The BoJ is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.
The announcement is to be followed by a press conference.
The UK is to release data on manufacturing production and trade.
Canada is to publish its latest employment report. The U.S. is to round up the week with the non-farm payrolls report for February.

India International Bullion Summit 2018 (IIBS 5) to be held on 15th March, 2018 at Hotel Sahara Star, Mumbai. Registration Form is now live! Click on the link  and get yourself  registered today.

Daily Gold Market Report

Gold tests the support – Analysis - 09-03-2018
Gold price tested 1316.48 level and keeps its stability above it until now, accompanied by stochastic move at the oversold areas, to support the mentioned level and protect the recently suggested positive scenario, waiting to rebound bullishly and resume the bullish trend that its targets begin at 1335.40 and extend to 1365.97 after breaching the previous level. Therefore, we will keep our overall positive overview conditioned by the price stability above 1316.48 level, as breaking this level will push the price to visit 1301.20 areas initially before any new attempt to rise. Expected trading range for today is between 1310.00 support and 1335.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver needs the positive momentum – Analysis - 09-03-2018
Silver price continues to fluctuate at the bullish trend line that rises now to 16.40, reminding you that holding above this level keeps the bullish trend scenario valid on the intraday and short term basis, as breaking it will push the price to visit 15.49 areas direct. Therefore, we will continue to suggest the bullish trend conditioned by the price stability above 16.40, noting that breaching 16.65 will ease the mission of heading towards 17.43 that represents our next main target. Expected trading range for today is between 16.20 support and 16.75 resistance. Expected trend for today: Bullish

IBJA in association with SRDC has launched Skill oriented course for Jewellery Manufacturing Techniques (JMT-1).

For Admissions, contact: Kejal 022 49717444

Proposal for Photocard for Hallmarked Jewellery

Jewellers association had forewarned Raghuram

In a dra­matic twist in the on­go­ing PNB-Ni­rav Modi scam tale, it has now been re­vealed that the In­dian Bul­lion and Jewellers As­so­ci­a­tion had fore­warned the RBI gover­nor of the time — Raghu­ram Ra­jan — of an epic swin­dle in the works as far back as July 26, 2014. Ac­cord­ing to IBJA pres­i­dent Mo­hit Kam­boj, “Fi­nance min­is­ter P. Chi­dambaram osten­si­bly brought the 20:80 gold pol­icy at that time to con­trol the bur­geon­ing cur­rent ac­count deficit which had shot into the strato­sphere due to ram­pant gold im­port. In this pol­icy the jewellers had to ex­port 20 per cent of the gold that they got from banks. In re­al­ity, this was done by the fi­nance min­is­ter to ben­e­fit a hand­ful of cronies go­ing un­der the nomen­cla­ture of Star Trad­ing Houses and Premier Trad­ing Houses (which in­cluded both Ni­rav Modi and Me­hul Choksi groups) since scarce gold was sold at a mark up of ap­prox­i­mately 10 to 15 per cent per kg.”

PNB scam: Did UPA cook up 80:20 scheme to aid the Choksis and Nirav Modis; is Raghuram Rajan guilty of ignoring early warning?

An exclusive media report about former Reserve Bank of India (RBI) governor Raghuram Rajan and an impending problem in the gold industry throws interesting questions on the role of the UPA government and the approach of the regulator to the issue in the backdrop of the Rs 12,700 crore Punjab National Bank (PNB) fraud case. The report in Moneycontrol mentions a letter written by the India Bullion and Jewellers Association (IBJA) on 26 July, 2014. The industry lobby accused the then Congress-led UPA government of 'deliberately yielding to the cronies' by changing the gold policy days before the government was demitting office, the report says.

Silver futures down 0.34% on profit-booking, global cues

Silver prices moved down by 0.34 per cent to Rs 39,140 per kg in futures trading today amid profit booking by speculators and weak global markets. At the Multi Commodity Exchange, silver for delivery in far-month July drifted down by Rs 135, or 0.34 per cent to Rs 39,140 per kg in business turnover of 5 lots. Similarly, the white metal for delivery in May contracts declined by Rs 122, or 0.31 per cent to Rs 38,637 per kg in 282 lots.

Right Time to get Bullish on Silver and Gold Stocks

The precious metals sector continues to correct and consolidate. Gold remains in a bullish consolidation. It recently reached resistance again and even though it has failed to breakout, it remains above long-term moving averages which are sloping upward. However, the gold stocks and Silver remain in correction mode. They are trading below the long-term moving averages and at the lower end of their ranges over the past 12 months. That certainly provides an opportunity but these markets may not truly perform until Gold is ready to breakout.

Gold Rate Today: Gold, silver trade lower in morning deals

Gold and silver were trading lower in the morning trade on Friday following subdued demand of precious metals from jewellers, industries and retailers. MCX Gold futures were trading 0.30 per cent down at Rs 30,339 per 10 grams at around 10.45 am (IST), while MCX Silver futures were down 0.29 per cent at Rs 38,645 at around the same time.According to SMC Investments and Advisors, bullion counter may continue to extend Thursday’s losses. Outcome of nonfarm payroll data will give direction to dollar index which can extend its gains further and can test 90.40. Nonfarm roll data is expected to come at 200k as previous figures.

Gold & Silver Trading Outlook Bearish as Sellers Show Up on Each Rally

Yesterday, gold came close to the 2013 trend-line (in addition to the underside of the December trend-line) and again was swatted back lower. If the bounce dating back to last week is over on yesterday’s turnabout, then the technical posturing is weakening as lower highs are becoming visible since the peak in January. There is still good support down near 1300, which was last evident with the reversal bar etched out on March 1. With lower-highs potentially in place, a break below 1300 would likely have the 200-day and December 2016 trend-line in focus as targeted objectives.

Gold dips on firm dollar amid hopes for easing US-N.Korea tensions

Gold prices extended losses into a third session on Friday as the dollar strengthened against the yen on hopes of easing tensions between the United States and North Korea and ahead of US non-farm payroll data later in the day. US President Donald Trump said on Thursday he was prepared to meet North Korean leader Kim Jong Un for the first US-North Korea summit, marking a potentially dramatic breakthrough in nuclear tensions with Pyongyang. "We are seeing reactions to the Trump-Kim Jong Un's potential for a discussion prompting a risk-on trade and that is putting some pressure on safe haven assets," said a Hong Kong based trader.

Gold dips on firm dollar amid hopes of easing US-N. Korea tensions

Gold prices extended losses into a third session on Friday as the dollar strengthened against the yen on hopes of easing tensions between the United States and North Korea and ahead of US non-farm payrolls data later in the day. US President Donald Trump had said on Thursday he was prepared to meet North Korean leader Kim Jong Un for the first US-North Korea summit, marking a potentially dramatic breakthrough in nuclear tensions with Pyongyang.

Biggest Ghana Mine Union Plans Strikes Over Gold Fields Jobs

Ghana’s largest mineworkers’ union plans protests and strikes throughout operations in the country if the government allows Gold Fields Ltd.’s local unit to dismiss more than 2,000 staff as it starts the process of hiring a contractor to operate its biggest mine in the West African nation.

Congress says 80:20 gold scheme was endorsed by Modi govt after it came to power

NEW DELHI: Congress rubbished BJP’s allegations that UPA finance minister P Chidambaram favoured Nirav Modi, accused in the PNB scam, through the “80:20 gold scheme”, arguing the Modi government reaffirmed the said policy in Parliament months after coming to power.Deputy leader of opposition in Rajya Sabha Anand Sharma said Nirmala Sitharaman, former commerce minister who now holds the defence portfolio, fully embraced the scheme restricting import of gold in Rajya Sabha on August 13, 2014. The BJP minister was responding to a question on gold trade.

Buy gold if it touches $1,310/oz

Comex gold futures fell on Thursday, as uncertainty ahead of a European Central Bank policy meeting and further news on US trade tariffs kept the metal in a narrow range, though a stronger dollar pressured prices. Comex gold futures moved perfectly as per our expectations. As mentioned in the previous update, prices could bounce back from the $1,300-1,305 an ounce levels.

Gold ends lower for second day

Gold prices notched back-to-back session declines on Thursday, as a leading dollar index strengthened and investors awaited the latest monthly data on U.S. employment for hints on the pace of the Federal Reserve’s interest-rate increases.

Gold Resource Corporation Updated Mineral Reserve Substantially Increases Oaxaca Mining Unit’s Mine Life

COLORADO SPRINGS, Colo., March 08, 2018 (GLOBE NEWSWIRE) -- Gold Resource Corporation (NYSE American:GORO) (the “Company”) today announced as of December 31, 2017, it increased proven and probable reserve tonnes by 32%, extending its Oaxaca Mining Unit’s mine-life. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $110 million to shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.


IBJA’s Free Privileged Gold Membership

IBJA members can contact our Delhi regional office for any queries / suggestions regarding IBJA in the North region.
Address : B33, Ansal Chamber 2, Bhikaji Cama Place, RK Puram, New Delhi 110066.
Contact Person: Mr. K.P Singh on 9540230600.

IBJA members can contact our Gujarat regional office for any queries / suggestions regarding IBJA in the west region.
Address : Gems & Jewellery Trade Council of India "GJTCI" Gem Place, 3rd Floor, Deepkala House, C. G. Road, Ahemdabad - 380 009, Gujarat.
Contact Person : Mr. Shantibhai R. Patel  on 9327000093 / 079-26402573

India Bullion and Jewellers Association Ltd.
IBJA House, 2nd Agiary Lane, Zaveri Bazar, Mumbai - 400002.

Tel: +91-22 49098950 / 49098960
Fax:+91-22 23427459

©2015 Company name. All rights reserved.

www.ibja.co | www.iibsummit.in | www.ibjawards.in | www.ibjafashionshow.in | info@ibja.in